中泰国际每日晨讯-20250424

Market Overview - The Hong Kong stock market experienced a strong rebound on April 23, with the Hang Seng Index rising by 2.4% to close at 22,072 points, and the Hang Seng Tech Index increasing by 3.1% to 5,049 points, driven by easing trade tensions between China and the U.S. [1] - Despite the index's strong performance, there was a significant net outflow of southbound funds amounting to HKD 18.107 billion, the largest single-day outflow since February 2021, indicating a cautious sentiment among domestic investors [1][2]. Sector Performance - The market showed significant divergence in sector performance, with tech giants like Alibaba (9988 HK) and Tencent (700 HK) rebounding, alongside notable gains in export-oriented companies such as Shenzhou International (2313 HK) and Techtronic Industries (669 HK), both rising over 3% [2]. - The AI robotics sector saw substantial gains, with companies like UBTECH (9880 HK) and Horizon Robotics (9660 HK) surging by 17% and 10%, respectively, reflecting optimism around policy support and demand recovery in consumer electronics and smart driving [2]. - The new energy vehicle sector also performed well, with stocks like Xpeng Motors (9868 HK) and AAC Technologies (2018 HK) rising over 4%, driven by expectations of tariff reductions and policy support [2]. Economic Indicators - China's GDP grew by 5.4% year-on-year in Q1 2025, with significant contributions from industrial production and high-tech manufacturing, indicating a reliance on policy-driven growth [10]. - The report highlights that while the economy showed initial recovery signs, the underlying growth momentum remains weak, particularly in consumer demand and exports, which are expected to face increased pressure in the second quarter [10][11]. Policy Outlook - The report suggests that the Chinese government is likely to maintain a "risk prevention" stance, with limited fiscal stimulus expected in the short term. The focus will be on implementing policies from the March Two Sessions to support domestic demand and technological advancements [11]. - The potential for further fiscal measures, such as consumption subsidies and infrastructure investment, is emphasized as crucial for mitigating export declines and supporting economic stability [12]. Investment Strategy - The report recommends focusing on defensive sectors and policy-driven opportunities, including high-dividend assets in state-owned enterprises, infrastructure-related stocks, and consumer staples benefiting from policy stimuli [13]. - Specific stock recommendations include Alibaba (9988 HK), China Resources Beverage (2460 HK), and Horizon Robotics (9660 HK), among others, indicating a strategic focus on companies poised to benefit from current market conditions and policy support [13].